RocketPay Raises ₹10 Cr to Move From Loan Collection Into Device Recovery

RocketPay is moving beyond helping lenders collect repayments digitally. The Bengaluru-based startup has raised ₹10 crore to build technology for the next stage of the lending cycle — recovering financed assets when repayments break down.

The round was led by Sandeep Jain and Group, with participation from IPV, LetsVenture, Launch Capital, AVNM Ventures and Navyug Global Ventures. Existing investor All In Capital also participated. RocketPay says the fresh capital will support its expansion from digital loan collections into recovery infrastructure for lenders, particularly for devices bought through financing.

Founded in 2022 by Rishav Dokania, Arpit Bajpai, Ishan Sharma and Kishorkumar Chabhadiya, RocketPay currently helps lenders automate repayment collection using infrastructure including Account Aggregator, NACH and UPI Autopay. The company says its platform serves lenders with assets under management ranging from ₹300 crore to ₹16,000 crore.

The new layer focuses on financed smartphones and other devices. RocketPay already offers remote locking and unlocking for compatible Android devices, allowing lenders to restrict certain functions when borrowers default, subject to contractual and regulatory requirements. The company is also an authorised Asia-Pacific partner of mobile-security provider Trustonic.

The timing is significant. New RBI rules governing device locking for loan recovery are scheduled to take effect from January 1, 2027. The framework allows such restrictions only under defined conditions and protects essential functions including incoming calls, SMS and emergency services. RocketPay estimates that more than 85 million devices are sold through EMI arrangements in India each year.

RocketPay says its revenue grew 10X between FY24 and FY26 and is targeting a ₹100 crore annualised revenue run-rate by FY28. The larger shift, however, is strategic: it wants to become infrastructure not just for collecting money, but for managing what happens when a financed asset itself has to be recovered.